Slainte! Irish whiskey business is booming at up to €7600 a bottle

Louise McGuane has come a long way since she was paid with a choc ice for spreading manure on the family farm at the age of ten. After a jet setting career with top drinks companies, she has now turned that farm into a “whiskey bonder” and launched the most expensive Irish whiskey brand called The Chosen  which has already sold out, she says  for €7600 a bottle!

Why on earth would anyone pay €7600 for a bottle of whiskey?

Well someone just paid $1.2 mIllion for a bottle at auction recently! Those who appreciate craftsmanship and quality will pay whatever they think something is worth. It’s a personal choice.  Luxury is not rational it’s emotional. Like why buy a Maserati when a 2nd hand Ford Fiesta will also get you from A to B?? It’s the same rationale. 

How did Irish whiskey go from dominating the world market to being a mere tipple compared to scotch – only one eight the size in exports terms?

We were a victim of geopolitical circumstance and a lack of innovation.  Irish distillers back in the 1800’s refused to adopt new technology like the Coffey still (invented by an Irishman!) which gave Scotch an edge over us in terms of production capacity.  Then you had a famine, war of independence, trade war  and prohibition in the USA. Over a 70 year period the odds were stacked against us and the industry nearly died   

Briefly explain whiskey bonding please?

Up until about the 1930s most whiskey in Ireland was sold by bonders. They were in every small town in Ireland   They were like grocery stores/pubs . Each bonder would source whiskey from their local distillery and custom blend of for their clients.  You can still see the term Whiskey Bonder written over doors in many pubs around the country. We’ve brought that trade back. It died out totally and we are the first to do it  

Why do it on a farm in Clare, (where JJ Corry is based)?

Because I wanted to ensure the family farm had a future. Neither my brother nor I are farmers. however I want the farm to stay in the family.  This business allows for that. I also want to bring business to West Clare which badly needs it. I don’t make the whiskey because by sourcing it from multiple distilleries I can build a library of flavours to blend with and that will make for more unique whiskies . 

You’ve been described as the first female whiskey entrepreneur. Why are so few women involved?

I’ve worked in multinational drinks firms on high end spirits and wines my entire career so I decided to apply my skill set to my own whiskey business and do it for myself back home instead of someone else. The reality is that the Irish whiskey industry is a bit of a boys club.  I’m not that sure women have been entirely welcome up until now.  I’m hoping to help in continuing to  change that, I hire a lot of women  

With hundreds of high quality Scotch brands and a century of catching up to do, are we kidding ourselves comparing the Irish whiskey industry to the Scotch industry?

No  we are underselling ourselves.  Do we really think we are not as good as SCOTLAND? We’ve been making whiskey just as long as them and we used to be better known for it than they are now.   We can be again we just have to have the confidence to deliver at the same level as they do and build the reputation of Irish whiskey back up. The Chosen helps with that.  It’s a stake in the ground that says WE ARE JUST AS GOOD AS SCOTCH at this level. It’s sold out so I think we’ve proven that. 

Is premium Irish whiskey overvalued because there is so little of it?

Yes it’s rare   scarcity creates value with anything, not just whiskey  that’s just economics.  Irish whiskey is worth every penny. It’s made on this island by Irish people it’s part of our heritage and history. It’s worth paying for. People all over the world believe that and we should too.

Is Ireland a good place to do or set up business?

In some ways yes. We have had great support from Bord Bia  but locating my business in rural Ireland has been very difficult.  We have no broadband or infrastructure to speak of. That makes running a global business more costly and challenging  than it might be in Dublin which seems to get all the focus for meaningful funding.  

What’s your favourite tipple (apart from your own whiskey!)? Apart from whiskey it’s an IPA (India Pale Ale) from Western Herd our local county Clare brewery. 

Your guilty treat? A toffee crisp.   

What was the first paid work you ever did?

My father paid me to empty bags of manure into the spreader with my brother when I was about 10. I got 20p for a choc ice. It was the first and last time be paid us for work on the farm. My next job was mucking our stables . 

Have you ever struggled to make ends meet? 

Most of my early adult life and Every single day  since I founded the business. I quit my job and spent all my savings to build it.  Launching a luxury whiskey is not cheap   

Have you ever been paid silly money? 

Yes in my corporate days. I had huge expense accounts that looking back were ridiculous   

What was the best year of your financial life?  

Probably 2013 when I moved to Singapore and paid 12% income  tax on an ex-pat multinational salary.  

What is the most expensive thing you bought for fun? 

A piece of art. 

What waas your biggest money mistake?

I got a credit card on my 20’s and didn’t pay it on time. I cancelled it and paid it off. I have never had one since. I’m not a fan of them. Buy what you can really afford and nothing more. 

Name three things you would you do if minister for finance?

I’d’ invest in:

· Broadband for rural Ireland  

· Public transportation for rural Ireland

· Aattracting business & job creation in rural Ireland.